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>> mitchell: tonight, credit threats. with talks deadlocked on the debt ceiling crises, whit johnson tells us top credit rating agencies could take steps that might cost the country hundreds of billions of dollars in higher interest. they declared it carmaggedon, after weeks of dire warnings, l.a.'s 405 freeway, one of the busiest in the nation, is shutdown. we're told what happened. behind the lines. mark phillips goes into the field with libyan rebels who are long on resolve but short on training. and nasa artists, as the shuttle program nears its end bill plante looks back at 50 years of artwork commissioned by nasa. captioning sponsored by cbs this is the "cbs evening news" with russ mitchell.
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>> mitchell: good evening. another day and no deal on the debt ceiling crises. as the clock continues to tick to the august 2 deadline, no meeting is scheduled between the president and congressional leaders this weekend. but top senators from both sides are said to be discussing modifications to a plan to raise the debt limit. at the same time, the nation's credit rating could be threatened even if a deal is passed. whit johnson has the latest. >> reporter: credit rating agencies are putting the treasury department under the gun as they decide whether to strip the u.s. of its coveted triple a credit status. thursday, standard and poors threatened there's a 50% chance it could lower the rating within 90 days. wednesday, moody's investor service placed the u.s. bond rating on review for possible downgrade. >> i'm getting more and more worried about not raising the debt ceiling. this is approaching the unprecedented. >> reporter: talks between the credit rating agencies and the federal government are not necessarily unusual.
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says chief washington correspondent for bloomberg tv, peter cook. >> at the end of the day, it's their name on these ratings. their own reputation. they have to make the judgment call that they believe is right. >> reporter: what worries the treasury is any change in the gold-plated credit rating that would spike interest rates on u.s. debt. just a half percentage point increase on a $14 trillion debt would cost taxpayers roughly $850 billion over the next decade. low-risk investors, like those who run pension and retirement funds, would be forced to dump u.s. bonds. a massive hit to america's reputation and the rock-solid investment. >> they have to have something triple a rated. if it's not triple a rated, they can't hold it. they'd have to sell those treasuries. >> reporter: this mounting pressure from the credit agencies is another reality check for democrats and republicans struggling to find common ground. >> if we go into next week and we haven't seen any action by the president or congress, i think financial markets are going to grow increasingly unrestful.
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>> president obama gave congressional leaders a deadline of today to come up with deficit reduction plans that could actually pass. so far, no indication of an agreement. russ? whit johnson at the white house thanks. >> mitchell: for more on the financial stakes and the debt ceiling showdown, we're joined in washington by a university of maryland economist. good evening to you. >> nice to be with you. >> let me ask you, would a credit rating devaluation be just as bad for the u.s. economy as a default? >> a default is much worse. there's no two ways about that. if we get downgraded we will have to pay higher interest in the future debt, which makes exisiting debt worth less in the hands of the investors. >> mitchell: it's interesting because if investors don't make a deal on the debt ceiling, standard & poor's might take away the country's triple a credit rating if lawmakers can't come up with some $4 trillion in cuts to the deficit. why is that? >> well essentially, the u.s. debt is growing too rapidly, as a share of, say, our g.d.p.
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and our ability to service the debt long term is coming into question. other countries that have triple a ratings simply aren't as in debt as we are. >> mitchell: let's try to put this in perspective a little bit. if the u.s. credit is downgraded, how far away are we seeing something in this country like what's happening in greece where one newspaper today described the economy as going up in smoke. >> we're certainly not in those kinds of conditions, though the federal government would have to pay more interest on the money that it borrows, and countries around the world are going to be less willing to hold u.s. bonds to back up their currency so- called as reserves and our standing globally financially will be diminished. >> mitchell: economist peter morisi, as always thank you for your insight. >> you're quite welcome. >> mitchell: in other news, media magnate rupert murdoch is in full damage control mode this weekend, trying to defuse the phone hacking uproar on both sides of the atlantic. dana lewis in london has the latest. >> an apology to a nation. major british newspapers today
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carried full-page advertisements from rupert murdoch and his company, news international, embroiled in phone hacking and police bribery. "we are sorry for the serious wrongdoing that occurred." and tomorrow another ad promising next steps. they include help from two former u.s. justice department lawyers to, as the ad says, put right what's gone wrong. murdoch is struggling to save his company, newscorp, the second largest media conglomerate after disney. yesterday, he accepted the resignation of his chief british c.e.o., rebekah brooks. hours later in the u.s., the resignation on les hinton, c.e.o. of dow jones, which publishes the "wall street journal." gone are two key executives who served as firewalls in the growing scandal of phone hacking. >> the thing about firewalls is that they eventually burn through. they just delay a fire, they don't stop it. >> reporter: next in the line of fire? murdoch's son james, who has admitted to writing checks to victims of phone hacking.
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both murdochs face parliament on tuesday. one of those to grill them is tom watson. >> i want to know was he aware a crime had taken place, who gave him the advice, those kind of things. i would like rupert murdoch to tell us what he knew as well. >> reporter: and finally, scrambling on high ground is britain's prime minister, under pressure to showing the extent of his relationship of his relationship with the murdochs, he was forced to release records showing 26 meetings with them or their employees since they took office. he also hosted james murdoch and rebekah brooks at his official country residence. cameron like most british politicians, courted the murdochs because the newspapers could make or break their political careers. no longer. as criminal and judicial investigations are under way, murdoch's spell is broken. dana lewis, cbs news, london. >> mitchell: it is the weekend drivers in los angeles have been dreading for weeks. what is being called carmaggedon is now under way. a stretch of the 405 freeway, one of the busiest highways in
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the country, is now shut for construction until monday morning. bill whitaker tells us what's happening. >> reporter: with a show of sparks and jackhammer staccato, work crews started chipping away at the 51 year old mulholland bridge early this morning. this is why the 405 freeway is closed down and what sparked fears of massive gridlock-- the dreaded carmaggedon. but in the light of day, it became clear this was the crises that wasn't. apocalypse not. >> it's amazingly not trafficky. it's just absolutely a breeze getting around. >> it's kind of like a ghost town. >> it's the lightest traffic i've ever seen in l.a. >> reporter: nothing as feared and predicted. how could it be? the hype was hysterical. >> carmaggedon. >> plan ahead, avoid the area. >> reporter: pointing to the light traffic, city officials say the hype worked. scaring motorists off the road was the plan all along. still, many angelinos took no chances.
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doctors and staff at ucla's hospital slept on cots to avoid traffic jams predicted to stretch 60 miles. neighbors in this canyon community planned this cookout, fearing they'd be stuck in their houses as thousands of motorists used their windy paths as a shortcut. the canyon crises never happened, but the party did. >> i have never been happier to be wrong. >> reporter: for those of you who don't live in car-dependent los angeles wondering what all the fuss is about, consider this. the suburban san fernando valley is home to about 1.5 million people. on the other side of the santa monica mountains? more than half a million inhabitants of l.a.'s affluent west side. the main artery linking these two large communities? the notoriously clogged 405 freeway. a half million vehicles use it each weekend. close it down, even temporarily. panic. and of course, profit. at trader vick's in beverly
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hills, they were offering a 405, which is a $4.50 maitai. and even though the roadways were clear, jetblue offer flights over it all. 37 flights from burbank to long beach were sold out at $4 a ticket. >> reporter: and there's this. they're only tearing down half this bridge now. l.a. will have to go through this whole nerve-wracking ordeal again when they tear down the other half in 11 months. russ? >> mitchell: bill whitaker in los angeles. safe travels home. thank you very much. later, dialing back on electricity consumption in the wake of that nuclear plant meltdown in japan. nasa shows off its collection of space program art, and mark phillips with the rebels in libya. those stories when the "cbs evening news" continues. those stories when the cbs evening news continues. copd includes chronic bronchitis and emphysema.
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>> mitchell: reportedly killed at least one protester in a town near the eastern border today. in the suburbs thousands of demonstrators held funeral processions for some of the 32 protesters killed by security officials yesterday. president's regime has killed reported 1600 people since the protest began in this past march. in the battle for libya fierce fighting in a town near tripoli. the rebels occupy the high ground and are facing the forces to withdraw in certain days. behind the rebel lines has filed this reporter's notebook. >> this is the main square in the town of jadu one of the strange of towns in libya's mountains under nato control. the flags flying hints these are not normal times. this is a hard hot place with
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views down on to the even hotter desert floor below. they're even more dramatic now because up here it's rebel country. down there, muammar qaddafi still rules. for over a week now we've been traveling all over the rebel's patch, 100 mile stretch of high plateau fringed by steep canyons. we've learned a thing or too about the people as rugged as the landscape. they are berber people up here not arabs. ethically different from most of the country and from the ruling elite in tripoli, and 24r50es -- there's no lover lost between them. after decades of purse execution and efforts to suppress their language and culturing the isolated mountain clans took a huge risk and joined the anti-qaddafi rebellion and became some of its most effective fighters. who had fled the regime came back to fight. >> i love this reert reporter >> reporter: they used
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homemade rocket launchers, household door bell buttons will do. some of them scratched their heads wondering how they got into a mess like this. >> i'm a lawyer, a legal adviser. i never have seen this in my life before. i never expect myself to be in this situation, you know. >> reporter: here you are. >> yes. >> reporter: finding recruits isn't a problem. they train in the school yard. and eat in a classroom in front of a snow white mueller, an -- mural, an image that's heart to forget but this is me fairy tale war. have you ever fired a weapon fired a gun before. >> no. >> do you know anything about it. >> no. >> are you afraid of going to war. >> yes. >> you are. >> yes. >> so why are you going? >> for my people and my country. >> reporter: there's plenty of bravely here and another
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thing. sacrifice. have died. and there's another thing. a growing relevantization that if anybody -- realization that anybody who thought qaddafi would go quickly in wide popular protest, nobody thinks that anymore. mark phillips, jadu libya. >> mitchell: japan turns down the air conditioner and takes up the fan. that story is next. in three languages.t graduated top of your gas. i just transferred a prescription to cvs because they have care 1on1. it's where the pharmacist stops and talks to me about safety and saving money with generic prescriptions. laura, let's talk about possible side effects. it's all about me. love that. get care 1on1 and talk savings, safety, and side effects
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>> mitchell: japan's power industry was a set back today four months after the crippling earthquake. problems with the cooling systemment officials shutdown a reactor north of tokyo. only japan's 54 reactors now supply electricity. lucy craft in tokyo finds old habits are changing. >> reporter: year in and year out, whatever the temperature, workers in japan have obeyed a conservative dress code. japan's former environment minister. >> taking off jackets or taking off ties must be considered as very rough or rud. >> reporter: before that was the summer before 2011, japan's worst energy crunch since the
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oil shortage in the early 70's. people could be headed for the beach or gulf course. most nuclear accident formal wear is out, shorts and sandals in. government sponsored e haven't like these, the message is loud and clear. when times get tough, the tough wear polo shirts. the morning commute is brutally hot says this corporate warrior. in a suit i would be dripping in sweat. from the board room to the living room, japan has gone on an energy crash diet, individuals and companies are struggling to cut their electricity use by 15%. no easy task in a country with long, hot and humid summers. energy advisors are standing out across the land and scroolt naysing appliances and leaving no on button turned on in their quest to turn energy hogs into power misers. tokyo's streets are looking determine -- dimmer these days. elevators switched off, vending
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machines unplugged and train service cut. factories are pushed to weekend shifts, slashing energy demand in peak periods. i miss spending weekends with my skids the assembly worker says. but it's just for the summer. japan's power shortage may ease once mercury drops in autumn, japan's nuclear crises could keep energy skimping in style for seasons to come. lucy craft, cbs news, tokyo. >> mitchell: there is news this evening that the harry potter saga is going out with a bang. harry potter and the debtly hallows part two opened yesterday and wrapped often the sin u8 biggest box office take in hollywood history. it made a staggering $92.1 million here in the u.s. alone making the prerecords set by highlight saga new moon almost by $20 million. up next, an art exhibition that is truly out of this world. d b1.
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>> mitchell: the united states plays japan tomorrow in the women's world cup soccer final. four years after the team's disastrous collapse in the last world cup. much of the credit is the coach, a swede. at a press conference yesterday she shared some of her coaching secrets. >> all of a sudden what is
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exciting is stressful, you have to, you must. then i just tell them slow down, you move too fast ♪ you got to make the morning last ♪ kicking down the cobble stone ♪ looking for fun and feeling groovy ♪ [cheers and applause] >> mitchell: that final game is set for tomorrow in fran further germany. finally this even the space shuttle atlanta has fixed a bulky computer today and carried more supplies into the international space station. although the final shuttle mission is scheduled to end next week, america's space age is living at an art exhibition back on earth. bill plante is our guide. >> reporter: new york artist barbara pray plaints landscape but when asked to come to cape canaveral she jumped for the
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chance. she went to in a to see a launch of shuttle discovery and edwards force base in california, the fastest unmanned aircraft in the world. >> you want to do something different because you don't want your painting to be like everybody else's. >> reporter: her x-43 is one of 72 art works at the arrow space museum this summer. in the exhibit nasa art, 50 years of exploration. this piece catches your eye the minute you walk in the room. >> an enormous astronaut, a life size one, it looks almost like a stained glass window. >> reporter: from norman rockwell to robin rauschenberg from andy warhol to annie leibovitz. the paint ongoing honored the 400,000 people behind the scenes who made the first moon landing possible. artists got far less than they could if they had sold their work but the pay off with a a front row seat to space history. this was mission control in the
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1960's. >> unfortunately you don't see vehement women there, it's all male gray suits, ties, sort of very very mad men. >> reporter: here's a color not normally seen in space. andy warhol used artistic license for buzz aldrin in the moon. clay ton imagined the space shuttle enterprise meaning the starship enterprise which never happened as far as we know. nor have dogs thrown the shuttle but try telling that to artist wegman. on the shoulders of the space shuttle. anybody who has ever been to the launch talks about the physical experience on it. >> you actually feel the rumble in your chest, you see smoke coming out at you. >> the artists also show what it was like for astronauts to fix the had you beenal telescope during a space walk or to be rescued from splash down. triumphs and tragedy like when the shais muddle exploded.
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barbara memorialized columbia in a different way depicting its launch. >> i really wanted to capture something that was joyous, it was their hope and their dreams and they worked their whole life to get in this point reporter reporter the end of the shuttle program marks the grounding of american astronauts and artists. nasa no longer has the money. so these pictures may be the what is of their kind, at least for a while. bill plante cbs news, washington. >> mitchell: and that is the cbs evening news. later on cbs, 48 hours mystery. thanks for joining us this saturday evening. i'm les mention mitch -- les mitchell, cbs news in new york. good night. captioning sponsored by cbs captioned by media access group at wgbh
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frenz and family members grieve after a young man, the best friend of oscar grant, was gunned down in hayward. >> it is like a dream. it is like a dream right now. not just any dream. the american dream. how some of your neighbors just bought it for pennies on the dollar. and will this be the end for los angeles? a live report from carmageddon. cbs5 eyewitness news is next. ,,

CBS Evening News
CBS July 16, 2011 6:00pm-6:30pm PDT

News/Business. The latest world and national news. New. (CC) (Stereo)

TOPIC FREQUENCY U.s. 10, Nasa 5, Cbs 4, Tokyo 4, Los Angeles 4, Rupert Murdoch 3, Murdoch 3, Libya 3, Washington 3, Plante 3, Us 3, Harry Potter 2, Glucerna 2, Spiriva 2, Dana Lewis 2, Rebekah Brooks 2, America 2, London 2, New York 2, Laura 2
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